For the past few trading sessions, XDC Network has traded in an extremely horizontal market within the narrow range of the $0.29 support level and $0.32 resistance level. In today’s trading session, the choppy market looks poised to continue, with prices dropping by a percentage point and showing signs of wiping out yesterday’s market gains.
The XDC Network’s rise in popularity in the past few years has been partly due to its proof-of-stake powered smart contract blockchain that is EVM compatible and is able to facilitate and modernize the global trade and finance sector. This is achieved through its accessible, efficient and highly versatile decentralized infrastructure solution.
Today, it ranks as one of the largest cryptocurrencies in the world, at number 89, with a market capitalization of over $380 million. However, its daily trading volume continues to be low compared to other cryptocurrencies of similar market capitalization.
For instance, in the past few trading sessions, it has averaged a trading volume of less than $2.5 million, which despite it being impressive, it is still not as large as most of its competitors. Therefore, its competitiveness and ability to trade against the current industry’s bear market has been limited.
XDC Price Prediction
In today’s trading session, XDC Network is down by a percentage point. The drop comes a few days after its price set a monthly price high of $0.032 on September 23 and started the current trend, which has resulted in a horizontal market.
Looking at the chart below, it is likely that we will continue seeing XDC price trading sideways for the next few sessions. My price prediction for the long term, however, is for it to resume the bullish movement that has seen it rise by 12 per cent this month. A drop below the $0.02900 price level will invalidate my long-term bullish view of the cryptocurrency.